Neb. Rev. Stat. §§ 2-2303

Current with changes through the 2024 First Special Legislative Session

Section 2-2303 - Terms, defined

For purposes of the Nebraska Wheat Resources Act, unless the context otherwise requires:

(1) Board means the Nebraska Wheat Development, Utilization, and Marketing Board;

(2) Commercial channels means the sale of wheat for any use when the buyer resells or intends to resell any such wheat or product produced from such wheat for a purpose other than for use as seed;

(3)

(a) First purchaser means any individual or public or private corporation, association, partnership, limited liability company, or other business entity, if such individual or entity buys, accepts for shipment, or otherwise acquires the property in or to wheat from a grower for a purpose other than for use as seed.

(b) First purchaser shall not include a public or private mortgagee, pledgee, lienor, or other person having a claim against the grower when the actual or constructive possession of such wheat is taken as part payment or in satisfaction of a mortgage, pledge, lien, or claim;

(4) Grower means any landowner personally engaged in growing wheat, a tenant of the landowner personally engaged in growing wheat, and both the owner and the tenant jointly and includes an individual or a partnership, limited liability company, association, corporation, cooperative, trust, sharecropper, and other business units, devices, and arrangements;

(5) Net market price means the sales price, or other value, per volumetric unit received by a producer for wheat after adjustment for any premium or discount;

(6) Net market value means the value found by multiplying the net market price by the appropriate quantity of the volumetric units or the minimum value in a production contract received by a producer for wheat after adjustments for any premium or discount. For wheat pledged as collateral for a loan issued under any Commodity Credit Corporation price support loan program, net market value means the principal amount of the loan; and

(7) Sale does not include a pledge or mortgage of wheat to any individual or public or private entity.

Neb. Rev. Stat. §§ 2-2303

Laws 1955, c. 5, § 3, p. 59; Laws 1981, LB 11, § 22; Laws 1987, LB 1, § 11; Laws 1993, LB 121, § 64; Laws 2012, LB 905, § 3; Laws 2022, LB 805, § 2.

Amended by Laws 2022, LB 805,§ 2, eff. 7/21/2022.